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Manny Pacquiao's promoter told The Times Tuesday morning that Juan Manuel Marquez is in the process of signing a contract to fight the Filipino superstar for a third time, Nov. 12 at MGM Grand Garden Arena in Las Vegas.

Bob Arum said the deal for Marquez to take the bout was negotiated Monday with the Mexican fighter's promoter, Golden Boy Promotions, who retain the right until March to match the best offer Marquez could receive for a fight. Arum said that after the contract is signed by Marquez, Golden Boy still has to provide its final "approval and consent" for the fight to take place.

Arum, Pacquiao's promoter and chairman of the promotional company Top Rank, told The Times, "We met on various issues. We had to adjust certain things, but I'm not permitted to go into details. They [Golden Boy] have released their objections."

Golden Boy Chief Executive Richard Schaefer, through a company spokeswoman, declined to comment on the situation and said he wouldn't discuss it until next week.

Marquez is meeting with Top Rank President Todd duBoef at the Beverly Hills Hotel on Tuesday morning, according to Arum.

Marquez reportedly will fight Pacquiao for at least $5 million at a 144-pound catch weight, likely for Pacquiao's World Boxing Organization welterweight belt.

Marquez has long wanted a third bout with Pacquiao after the pair fought to a 2004 draw, with Pacquiao then claiming a spit decision in 2008.